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Sensex Finishes Marginally Higher; SBI Surges 6.2%
Fri, 10 Nov Closing | Karan Janani, TM Team

Indian share markets finished the trading week marginally higher amid mixed international indices and rising oil prices. At the closing bell, the BSE Sensex closed higher by 64 points and the NSE Nifty finished up by 13 points. The S&P BSE Mid Cap finished down by 0.1% while S&P BSE Small Cap finished up by 0.1%. Gains were largely seen in consumer durable stocks, capital good stocks and bank stocks.

Asian stock markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.14%, while the Nikkei 225 & the Hang Seng fell 0.82% and 0.05% respectively. European markets are lower today with shares in France off the most. The CAC 40 is down 0.35% while Germany's DAX is off 0.28% and London's FTSE 100 is lower by 0.25%.

Rupee was trading at Rs 65.01 against the US$ in the afternoon session. Oil prices were trading at US$ 57.30 at the time of writing.

Oil prices rose nearly 1% on Thursday, supported by supply cuts from major exporters as well as continuing concerns over political developments in Saudi Arabia. Oil prices has increased nearly 130% since January 2016. This is a typical capital cycle. And it gets interesting every time.

The expectation in the market is that prices could remain elevated owing to several reasons, such as drawdown in inventories, especially in the US, better compliance with the voluntary production cut by the Organization of the Petroleum Exporting Countries (OPEC), slower pickup in US shale oil and continued geopolitical risk in West Asia.

The OPEC is expected to extend a cut of around 1.8 million barrels per day into the whole of 2018. Since June 2017 onwards, prices of Brent have been on the rise, on the back of a drop in US crude inventories, geopolitical tension between OPEC countries, and disruption in production caused by the hurricane activity in the US.

Crude Oil Hits 28-Month High

From India's perspective, rising oil prices warrant close attention. This could lead to rising risks of fiscal slippage, greater inflationary pressures, and lower likelihood of a rate cut by the Reserve Bank of India (RBI) in December prompt investors to review their positions.

In news from the economy, Moody's Investors Service in its latest Global Macroeconomic Update (2018-19) has stated that India is the only G20 emerging market country where growth has slowed sharply for six consecutive quarters.

But it expects economic growth in 2017 to average 6.2% before accelerating to around 7.5% in 2018 and 2019. It said that the slowdown in economy was due to the temporary negative impact of last year's demonetization, temporary disruption related to the rollout of the Goods and Service Tax (GST) and weak bank lending for investment-related activity due to a high proportion of delinquent loans on bank balance sheets. It added that the effects of demonetization and GST implementation will fade.

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It also said that despite progress on economic reforms and monetary policy easing, the flow of bank credit for investment activities has been hampered by both the inability of the banking sector to lend and weak demand for credit.

Moody's further noted that the reforms, including liberalization of foreign direct investment in key sectors and the GST, will increase efficiency, boosting trend growth.

Moving on to news from banking sector. State Bank of India (SBI) reported a second-quarter net profit of Rs 15.82 billion (US$243.3 million), missing estimates, on higher provisions for bad loans. The bank had reported a profit of Rs 25.38 billion in the corresponding quarter last year.

Net Interest Income NII was up 5.57% sequentially and 2.58% on yearly basis. On the other hand, the bank saw a 101% QoQ and 58% YoY growth in non-interest income at Rs 160.16 billion.

Asset quality though remained stable. Gross non-performing assets (GNPA) as percentage of gross advances stood inched lower to 9.83% at the end of second quarter from 9.97% in June quarter but rose on year-on-year basis.

SBI share price finished the day up by 6.2% on the BSE.

In news from engineering sector, L&T share price surged 4.4% in today's trade after the company's construction arm -- L&T Construction won orders worth Rs 40.23 billion across various business segments.

Under Heavy Civil Infrastructure Business, it has bagged orders cumulatively worth Rs 1.906 billion including a major government order worth Rs 18.24 billion in a joint venture with an international partner - Seaport Dredging, for the construction of various marine facilities.

Under Buildings & Factories Business, it has bagged an order worth Rs 8.3 billion from a reputed client for the construction of a cancer hospital, while under Water & Effluent Treatment Business, it has received engineering, procurement & construction orders worth Rs 7.88 billion.

Besides, under Power Transmission & Distribution Business, it has bagged orders worth Rs 3.42 billion, while under Smart World Communication Business, it has bagged an order worth Rs 1.57 billion.

And here's a note from Profit Hunter:

The Nifty 50 Index traded on a negative note during the week. On Monday, it opened the session gap down, but recovered to hit a new life high of 10,490. The euphoria did not last as the index slipped 102 points the next day. It continued to trade dull throughout the week. Finally, on Friday, the index recovered a bit, before ending the weekly session 1.25% down.

Last week, we mentioned that the index formed a hanging man candlestick pattern on the daily chart, which is a short term reversal pattern. And a negative open-and-close in the next trading session will validate the pattern, which could mean a short-term correction on cards. As a result, the index corrected 131 points.

This week, the index formed a bearish engulfing pattern at the start of the week, indicating a short-term top reversal pattern. The RSI indicator also formed a negative divergence. Another sign of correction.

So will the index continue to correct or will it resume its uptrend?

Nifty 50 Index Off its Life High
Nifty 50 Index Off its Life High 

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